by Jeff Sovern Here. Not a surprise, but the nail in the coffin of those who believed President Trump would make good on his promises to protect ordinary Americans.
Category Archives: Arbitration
by Jeff Sovern The House Rules Committee is meeting today at 5:00 to consider granting a rule for the House to take up H. J. Res. 111, under which the House would vote to block the CFPB arbitration rule from taking effect. I hear the House could vote on the resolution itself tomorrow.
The report is titled THE CONSUMER FINANCIAL PROTECTION BUREAU IN PERSPECTIVE. Quoting now from the findings listed in the Executive Summary: Before the Consumer Bureau was created, financial regulators prioritized the profits of Wall Street firms at the expense of consumers’ financial well-being on Main Street. Previously, Federal prudential regulators were tasked with dual, and […]
by Jeff Sovern The Chamber's letter to House members is here. Here is the relevant text (bolding in original): The U.S. Chamber of Commerce ("Chamber") urges you to support H.J. Res. 111, which would undo a rule left over by the Obama Administration and recently finalized by an out of control Consumer Financial Protection Bureau […]
Here. Excerpt: Focusing, for example, on cases involving unlawful check bouncing charges, the bureau [study] found that class actions brought on this issue alone allowed millions of financial consumers to recover nearly $1 billion of damages as well as important non-monetary relief, all of which deters future legal violations. By contrast, the bureau learned that […]
by Jeff Sovern Here. The article points out that one Republican member of the Senate Banking Committee, John Kennedy of Louisiana, did not agree to cosponsor the Senate CRA resolution to rescind the CFPB rule (he was said to be reviewing the resolution); that Senator McCain's unfortunate health issues may prevent him from voting on […]
Here. Excerpt: [T]he two main sponsors — Rep. Jeb Hensarling (TX) and Sen. Mike Crapo (ID) — received a total of $6 million in campaign contributions from the financial sector in 2016, with $1.9 million going to Hensarling’s campaign and $4.1 million going to Crapo. * * * Sen. Pat Toomey (PA) received a total […]
by Jeff Sovern Yesterday, the Senate Banking Committee released a press release that said in part: Today, U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-Idaho) and Republican colleagues will file a Congressional Review Act (CRA) Joint Resolution of Disapproval in the Senate against the Consumer Financial Protection Bureau’s (CFPB) arbitration […]
Dean Clancy in US News has written The GOP's Foolish Decision. Excerpt: The U.S. Chamber of Commerce urged Congress to kill not only [the arbitration] regulation, but every CFPB rule, on grounds the agency is unconstitutional and therefore all of its actions are invalid. The GOP would be terribly foolish to go down this road, […]
Here, for example, is a press release from the Senate Banking Committee. And here is one from the House Financial Services Committee